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eZ-Audit – Electronic
Submission of Financial
Statements and Compliance
Audits
Session 16 2
What is eZ-Audit?
Session 16 3
Why eZ-Audit?
■ Did you know that FSA receives over 13,000
financial statements and compliance audits
annually (that’s over 1 million individual pieces of
paper)?
■ Have you ever been told that your financial
statement and/or compliance audit has been
lost?
■ Have you ever just wanted to know the status of
your reports?
- eZ-Audit will finally create an easy to use, efficient process for submission! -
Session 16 4
How does eZ-Audit
work?
5 basics steps to eZ-Audit:
2. Schools submit their compliance audit data and summary
financial data, via an internet web-form.
3. Schools also attach an electronic copy of their financial
statement and compliance audit in a non-editable pdf
format (using Adobe Acrobat).
4. The eZ-Audit system automatically forwards flagged
financials and deficient audits to FSA’s Case Management
Teams for resolution.
5. Case Teams communicate with schools to reach
resolution.
6. As desired, Schools periodically check eZ-Audit for the
status of their reports.
Session 16 5
What are the benefits
to eZ-Audit?
■ Web forms will contain pre-populated fields.
■ No new reporting requirements, data entry will be limited to the same
data already contained in the reports.
■ On-line form completion should take less than 1 hour.
■ System will provide automatic error checking prior to submission.
■ Instant acknowledgement of receipt – no more lost reports!
■ No copying and mailing costs!
■ Ability to remediate findings prior to next year’s submission, thus
reducing the possibility of repeat findings.
■ Status of submissions accessible online 24/7.
■ Help Desk available to provide assistance.
Session 16 6
What is the timeline for
eZ-Audit?
2002 2003
1Q 2Q 3Q 4Q 1Q
J F M A M J J A S O N D J F M
Kickoff 1/16
Requirements Definition
Requirements 3/20
Reqts Baselined 4/16
Application Design
Preliminary Design 5/15
Functional Design 7/15
Tech Arch Design & HTML Prototype 8/19
Master Test Plan 9/30
Application Development
Build 9/4 – 12/20
Test 1/1 – 2/28
Session 16 7
What does eZ-Audit
look like?
Session 16 8
What will ez-Audit Self
Service look like?
■ Submission Status
■ Annual submission due date
■ Annual submission receipt date
■ Overdue notice
Session 16 9
What should you do
next?
■ Begin thinking about who you would like to be your eZ-Audit Institution Administrator
■ Visit eZ-Audit in the PC Lab and review the FAQ document distributed today
Session 1610
Questions/Comments
Session 1611